An agent, or “attorney-in-fact,” is authorized under a power of attorney document to make decisions and undertake financial and business transactions for the person executing the power of attorney (the “principal”). An agent can fill a role and perform certain tasks authorized by the power of attorney.
An important step in fulfilling your role as agent is to follow the instructions in the power of attorney document. It is imperative that in every decision you make for the principal, whether it be medical or financial, it is in the principal’s best interest. It is a good idea to keep a detailed record of your transactions undertaken on behalf of the principal. Depending on the restrictions specified in the power of attorney, the agent typically has the authority to control the principal’s financial affairs. These authorities could include cashing checks, opening and closing bank accounts, paying bills, entering into contacts, etc.
Some principals choose to include specific authorities in their power of attorney documents. The agent can only make these actions if the document specifically authorizes them. Some examples of these powers include making a gift; changing a beneficiary designation; creating, amending or revoking an inter vivos trust; and disclaiming property.
To discuss the creation of a power of attorney as part of your estate planning or if you are an agent appointed under a power of attorney, consult with an attorney at Bach & Jacobs, P.A. that can advise you of your rights and obligations.
Many individuals who are agents under a power of attorney also are expected to provide caregiving services to the principal when he or she can no longer do so. Some agents have to quit their jobs or take time out of their week to help care for the principal. From being a primary caregiver to driving the principal to doctor appointments, agents can be responsible for several tasks and financial matters.
Typically, agents under a power of attorney are entitled to “reasonable compensation,” with some exception. However, some power of attorney documents specifically prohibit compensation and some agents are specifically prohibited by law for receiving compensation for serving as an “attorney-in-fact.” Due to the vagueness of the term “reasonable,” one way to approach this matter is to enter into a written caregiver contract with the principal.
Contact an attorney at Bach & Jacobs, P.A. to discuss how you can help minimize risk and liability by creating a caregiving agreement that includes services undertaken as an agent under a power of attorney. This is especially necessary if you are employing private duty caregivers directly rather than through an agency.
Because same-sex married couples are now federally recognized, they can file joint tax returns. The IRS also recognizes federal tax provisions which include income tax credit, child tax credit, and employee benefits.
Spousal exclusion now applies to same-sex couples, which permits partners to leave property to the surviving spouse without having to pay estate taxes when the first spouse passes away.
The 2015 ruling, Obergefell v. Hodges, also made amends to states’ intestacy statutes. Now if a same-sex spouse dies without making a will, the surviving same-sex spouse will inherit some of the assets of the deceased spouse and receive other benefits formerly only available to heterosexual couples such as homestead protection.
For many seniors, retirement is a time of relaxation and having opportunities to explore their interests and the world. But before making the transition into retirement, there are some questions that you and your spouse should discuss.
- What is the best time for my retirement? There are several factors you and your loved ones should consider before making the decision to retire. A large topic to discuss is how best to maximize your Social Security spousal benefits. You should also assess your family’s financial needs and consider the ways in which your retirement could impact your loved ones.
- What lifestyle do I want to pursue? Everyone has a different vision for retirement. While some wish to travel the world, others plan to stay close to home. By having an idea of your lifestyle, you can properly prepare for your retirement.
- How do I plan for long-term care? Planning for long-term care can be a long process. It is a good idea to meet with an elder law attorney to properly construct a plan. Planning ahead can save time and money and reduce unnecessary stress. Planning for long-term care involves setting up end-of-life documents, finding the right assisted living facility if necessary, and getting the best healthcare coverage for your needs.
If you wish to set up estate planning documents or plan for your retirement and end-of-life decision-making, please contact our office at (941) 906-1231 to speak with one of our attorneys.
Legislation that made changes to the Florida Health Care Surrogate Act was enacted in October of 2015. Although many of the changes affected competent adults, there were also changes that affected the medical treatment of minors. The bill makes a change that no power of attorney executed after October 1, 2015 can consent to the treatment of a minor.
The bill makes an amendment to s. 743.0645, F.S. to establish that a power of attorney executed between July 1, 2001 and September 30, 2015 is sufficient to authorize an individual to consent to ordinary and necessary health care for a minor. However, the bill changes the statute so that no power of attorney executed after October 1, 2015 will have the authority to consent to the treatment of a minor.
After October 1, 2015, only a health care surrogate, designated pursuant to 765.2035, F.S., can allow someone other than a parent or guardian to consent to medical care or treatment for a minor. This designation must be in writing and signed by two witnesses. The designation can be revoked or amended at any time.
Florida recently enacted changes to the Florida Health Care Surrogate Act that gives patients additional flexibility in appointing an agent and add additional notification requirements for facilities. These improvements went into effect October 1, 2015, and impact both adults and minors.
The bill created a new statute 765.202(6), F.S. that allows an individual to designate a health care surrogate who can act and make health care decisions while the individual is still competent. Historically, a determination of incapacity has been essential to a health care surrogate taking effect. Now, however, a health care surrogate can be given authority immediately upon execution of the document. The bill also maintains that when a conflict arises between the principal and the surrogate, the decision of the principal prevails.
The bill amended s. 765.204, F.S. so that a health care facility is required to notify the surrogate of a determination of incapacity. It is also required now that if the health care facility knows of a durable power of attorney, it must also notify the attorney in fact of a determination of incapacity. Lastly, the bill makes it a requirement that the attending physician’s office notify the principal’s primary physician of the principal’s incapacity.
To update your appointment of health care surrogate document or other estate planning documents, contact Bach & Jacobs, P.A. to schedule an appointment.
The U.S. Supreme Court rulings in the 2013 Windsor v. U.S. and the 2015 Obergefell v. Hodges cases resulted in changes for same-sex couples in areas such as estate planning and tax filing.
It is important that same-sex couples living in Florida take the proper steps in their estate planning, and specify key details that will ensure their protection under the law. Such planning may include creating estate planning documents such as a last will and testament, or Revocable Trust, durable power of attorney, living will, and a designation of pre-need guardian.
Despite having a power of attorney and other lesser restrictive alternatives in place, there may still be situations in which appointing a guardian is necessary for the safety of the incapacitated individual. Sometimes, an incapacitated individual will become uncooperative and refuse care and assistance from loved ones. Incapacitated individuals can also put themselves in physical danger by mishandling electrical equipment, refusing medicine, forgetting to eat, and carelessly driving.
Under Florida law, it is unlawful to force an individual to stay in an assisted living facility or to house an unwanted caregiver absent a guardianship. It is sometimes necessary to appoint a guardian that will protect the individual from their own incapacity.
If you have more questions on this topic, please contact our office at (941) 906-1231 to speak with one of our attorneys.
While appointing a power of attorney can mitigate the need for a guardianship, there are other times in which a guardianship is necessary.
In the last blog post, we discussed the need for a guardianship in the event that the incapacitated person lacks competency and makes harmful decisions. A guardianship may also be needed if the power of attorney does not act in the best interest of the incapacitated person. If the power of attorney is exploiting the individual by depriving them of their funds or their rights, a court will appoint a guardian to prevent any continued abuse.
If you have more questions on this topic, please contact our office at (941) 906-1231 to speak with one of our attorneys.
